🤯 Crypto lender BlockFi files for bankruptcy

🤯 Crypto lender BlockFi files for bankruptcy  🐭 Deadmau5 and Richie Hawtin launch 'Go Astral' AR scavenger hunt at Art Basel Miami Beach 😅WETH depeg joke: a reminder that not all financial crises are real

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🤯 Crypto lender BlockFi files for bankruptcy 

🐭 Deadmau5 and Richie Hawtin launch 'Go Astral' AR scavenger hunt at Art Basel Miami Beach

😅WETH depeg joke: a reminder that not all financial crises are real

Crypto lender BlockFi files for bankruptcy

There's a saying that goes "too big to fail," and unfortunately for BlockFi, that isn't the case. Despite having $256.9 million in cash when it filed for bankruptcy, the crypto lender still couldn't avoid the Chapter 11 fate. With around $1 billion in liabilities, it seems BlockFi didn't really have much of a choice.

But what's even more interesting is that BlockFi holds $275 million in unsecured claims related to FTX US--the same exchange founded by Sam Bankman-Fried that loaned them $250 million back in June. Talk about a bad investment!

It looks like BlockFi didn't think things through too carefully when they decided to get into bed with FTX US and now they're paying the price. BlockFi also owes $30 million to the SEC as part of a settlement agreement from February 2022.

BlockFi has now joined the ranks of centralized crypto entities like 3AC, Celsius, FTX and Voyager that have all been forced to file for bankruptcy. What a sad end to an otherwise promising start.

Deadmau5 and Richie Hawtin launch 'Go Astral' AR scavenger hunt at Art Basel Miami Beach

Metaverse and augmented reality (AR) technology have been making waves in the gaming world, but who would have thought that it could be used to spice up an art event? Starting this week, Pixelynx—the music metaverse startup co-founded by Deadmau5 and Richie Hawtin—will launch part of its Elynxir game with an AR scavenger hunt set throughout Miami Beach, alongside the annual Art Basel event.

The quest, called Go Astral, is sure to bring a unique twist to the traditional art show. With a mix of music and gaming, players will be immersed in an augmented reality race to find NFT artifacts spread across Miami Beach.

Inder Phull, CEO of Pixelnyx, is excited about the potential of a “Rock Band meets Pokémon Go” experience. The Pokémon Go-style scavenger hunt has users searching for clues and collecting items, while they must use their wits to solve puzzles in order to complete their mission. The grand prize? A one-of-a-kind NFT from an unannounced “blue chip” project.

That NFT isn't just a trophy, either. By owning one of those NFTs, players can help shape the future of a virtual musician that will be introduced on the Elynxir platform. Phull said that the aim is to gamify the concepts of coordination and collaboration, letting these early users develop a virtual artist that can potentially thrive within the upcoming music metaverse platform.

This experiment in AR art is sure to be a hit with gamers and art lovers alike. Who knows, maybe augmented reality will become the new way of experiencing art and music at major events. After all, who said art has to be boring?

WETH depeg joke: a reminder that not all financial crises are real

If the classic joke about wrapping your ethereum wasn't your thing, then check out the new one: the WETH bailout joke! It started on Nov. 26 when Cygaar, a blockchain developer, tweeted that WETH was about to become insolvent and they were offering a 0.5 ETH for one WETH bailout rate.

At first there was confusion as to what exactly this meant, but it quickly became clear that the message was a joke, and not to be taken seriously. Of course, this has led to panic among some in the crypto community, with people asking "why is WETH depegging from ETH?", and "Is WETH going to collapse?"

The joke caught on with the Ethereum community, with popular crypto influencers joining in on the fun. Anthony Sassano, known as sassal.eth, joked that someone he trusts had told him WETH was going to collapse and advised anyone exposed to be concerned. Martin Köppelmann of Gnosis said that constant burning of ETH meant WETH was no longer fully backed, and there might be a depeg event soon. Ethereum co-founder Vitalik Buterin even joined in on the fun, tweeting that WETH and WEF sounded alike.